FAQ

Some small businesses can make do with a bookkeeper – someone to perform the tedious task of recording financial information and cranking that data into the necessary formats, like P&L statements and tax forms. But a good small business accountant does much more than just record transactions and passively generate documents; they actively analyze, interpret and convert that data into actionable business intelligence. Based on where you want to go with your business, we can tell you how to get there. If you are only looking at the financial tracks of where you have been and not where you are going, you’re missing out on a great opportunity to receive good business advice.

I have lived in the Tampa area since 1982. I graduated from the University of South Florida’s School of Accountancy and have been practicing ever since. I started my own business in 2004. For more, visit the “About Us” page on our website.

While a portion of my clients are individuals requiring tax return preparation, we specialize in assisting small business owners who need help with monthly, quarterly, and annual tax and accounting. We have clients who are self-employed or run their own business consisting of several employees. Our clients include banking professionals, auto sales and repair shops, industrial manufacturers, general contractors, wholesalers, retail shops, various health and legal practitioners, hairstylists, and IT/web specialists, to name a few.

(from Philip Taylor, PT Money/Personal Finance)

o Technology – We prepare your tax returns using a state-of-the-art computer system and the latest software for tax professionals, and file them electronically to insure accuracy and faster refunds. We also offer several online bookkeeping and payroll processing packages to keep up-to-date financial information at your fingertips and improve your bottom line by outsourcing these services to us, the professionals.

o Licensing – In some states, accountants who are not certified do not have to meet any requirements. As a practicing CPA, I am licensed through the state of Florida. And in order to maintain this license, I must update my education each year and run my business according to specific standards, which provide assurance to you that you’re getting quality service. If you ever have a question about a CPA’s legitimacy, contact your state’s board of public accountancy and request information about them.

o Consistency and Stability – As a practicing CPA, I am in it for the long run, so I will be there for you year after year.

o Open-Door Policy – As a CPA, I perform many types of financial services, not just taxes. Therefore, my door is always open for tax questions, tax planning, audit help, or any other assistance you may need. Most tax preparation services close their doors from May to December. Who’s going to help you when you get that audit letter? I can.

o Record Retention- CPAs maintain client tax information much like a doctor holds on to their patient’s medical records. I act as your own personal filing cabinet through the years. You’ll even get your own copy of the return and supporting documents in a nice little folder for you or on CD to file away yourself if you want.

o Tax Planning – The best part about using a CPA is the tax planning advice I can provide you throughout the year. There are certain year-end tax moves you can make each year that will save you hundreds in tax dollars when it’s time to file. Software applications and tax preparation companies aren’t around to help you with those things like I am.

o Professionalism – Only a person who wants to be a professional is willing to go through what it takes to be a CPA. Like I mentioned above, I‘m licensed with the state. I’ve gone through a ton of accounting classes, a stringent and difficult certification exam, and I have to maintain continuing education credits each year. Of course, CPAs are still just people. But I’ll take the CPA designation over any other for tax filing purposes.

o Your Time – The last good reason I’ll give you is your time. I’m not going to lie and say that you won’t have to spend a little time preparing your tax files to bring to a CPA. But they, in turn, will save you the time it takes to enter in all the information and file the return, they have a working knowledge of tax laws that you don’t have, and they can ask you the right questions to determine what tax credits and forms are necessary for you. And each passing year it will get quicker and easier as you learn what I need you to bring me.

First of all, we are experts. Taxes, accounting and bookkeeping is our only business. We assign duties to those members of our staff most skilled and qualified to accomplish the task. We have in place appropriate controls to ensure accurate and timely processing of all accounting data. We have developed systems and procedures for our staff with which all of our staff are familiar. That means if for any reason your usual bookkeeper is unavailable, another can step in and be immediately up-to-speed with your needs, making us far less vulnerable to employee turnover than you would be with an in-house bookkeeper.

Yes, to a limited extent. Accountant-client privilege is a confidentiality privilege, or more precisely, a group of privileges, available in American federal and state law. Accountant-client privileges may be classified in two categories: evidentiary privileges (one that may be successfully asserted in a court of law) and non-evidentiary privileges (one that may not be maintained in a court of law, or which is, according to the terms of the statute granting the privilege, not applicable in the face of an order from the court compelling disclosure of the communication for which the privilege is claimed). The evidentiary and non-evidentiary versions of the accountant-client privilege are, as a general rule, creations of Federal or state statute. For example, the Federally Authorized Tax Practitioner (FATP) Privilege is a limited evidentiary privilege available in US federal tax law. This privilege is defined in an amendment to the Internal Revenue Code made by the Internal Revenue Service Restructuring and Reform Act of 1998, which states that “with respect to tax advice (i.e., advice given by an individual with respect to a matter that is within the scope of the individual’s authority to practice), the same common law protections of confidentiality which apply to a communication between a taxpayer and an attorney shall also apply to a communication between a taxpayer and any federally authorized tax practitioner to the extent the communication would be considered a privileged communication if it were between a taxpayer and an attorney”. Under the law, the term “federally authorized tax practitioner” (FATP) means an individual authorized under Federal law to practice before the Internal Revenue Service where the practice is subject to Federal regulation under 31 U.S.C. § 330. There are, however, some significant limitations on the FATP privilege.

When I finish your tax return or other accounting or consulting project, that is the start of my service not the end. I will answer any questions you have during the current tax year by phone or email at no additional charge. A quick call during the year can often save a great deal in taxes at the next year-end. Also, we offer free notary services to all of our clients.

For services besides preparation of standard forms, such as tax returns and payroll forms, we charge an hourly rate of $150. We do not, however, charge for incidentals such as brief telephone conversations or emails.

I know price is a critical factor. Like any service the cost varies based on how labor-intensive it takes. For consistency, however, our fees for tax returns are based on the final products rather than our hourly rate. As a guide, personal tax returns start at $149 but most average $200-$450. If you own a business, have a lot of investments or some other tax complexity, your fees will be higher. Pricing for corporate tax returns (Form 1120) start at $649 but typically average $700 – 950. Sole proprietors and partnerships fall somewhere in between. Feel free to call to discuss your situation and I’ll be able to give you a more accurate quote.

Individual clients with personal accounts are extended a $500 credit limit with payment of invoices Due Upon Receipt. Corporate clients are offered a $1,000 credit limit with payment of invoices due in 30 days (for some services, a 2% discount is offered if the invoice is paid within 10 days). Delinquent clients are assessed a 2% finance charge after 60 days and after 90 days their credit privileges are revoked and all invoices become payable upon receipt.

Due to the number of delinquent accounts we have had over the years, our policy is to receive payment for our services at the time that they are rendered. If you are due a refund, however, you may elect to have our fees deducted from your refund.

Everyone dreads an audit, but I stand behind any work I do. As a CPA, I will act as your legal representative before the IRS or any other revenue agency, which means I can go in your place to a tax audit. And if you are ever fined or penalized as the result of an error or omission that I made, you can rest assured that I will not only assume responsibility and work with the agency to abate the penalty, but I will also provide either a full refund of my fees related to those services or else perform a prescribed amount of future services free of charge. Note: Additional fees may apply to audit representation.

They have to actually work, such as emptying the garbage cans or modeling for your product catalog, but they can earn up to $3,300 without paying income tax. You’ll have to cover payroll taxes of about 20%, but you’ll still come out ahead if your business falls into, say, the 35% tax bracket.

A 2005 change to the tax code lets companies deduct a percentage of profits on products they’ve made in the U.S. The deduction is 3 percent in 2006, and jumps to 6 percent next year. The IRS defines a manufacturer fairly broadly to include products like software and construction. Find out if you qualify.

It’s good for the environment–and your wallet, given current gas prices–but the IRS isn’t doling out tax credits for hybrids uniformly. The amount depends on the make, model, and year of the vehicle, as well as how many hybrids the car maker has already sold in 2006. Your CPA should have current guidelines.

Yes, in fact, we are a Certified QuickBooks ProAdvisor! We can not only review your books, but we can provide technical support and advise you on how to put it to best use for your company. But make sure you give us plenty of time to review your books and fix any mistakes before tax returns are due. QuickBooks and programs like it can cause a lot more work for us when we’re preparing your return because many people don’t do a good job tracking their income and expenses, creating a mess for us at the height of tax season when our time is worth a premium.